Reviewed by the BrokerSift editorial teamupdated August 2026Facts checked August 2026How we rate

Binance Review

Name: Binance Review
Item: Binance
Rating: 4.4

The world's biggest exchange by volume, now retreating from Europe over licensing gaps.

4.4VARA (Dubai)ADGM / FSRA (Abu Dhabi)JFSA (Japan)

Visit Binance

Maker fee: 0.10%
Taker fee: 0.10%
Coins listed: 480
Max leverage: 125x (futures)
KYC: Mandatory
Withdrawal fee: Varies per asset and network
Payment methods: Bank transfer, Card, P2P, Crypto
Native token: BNB
Insurance fund: SAFU (Secure Asset Fund for Users), reported over $1 billion, held across BNB, BTC, and stablecoins
Security incidents: 2019 hot-wallet breach (~$40M), fully reimbursed by Binance; 2023 US DOJ/CFTC/FinCEN settlement over AML and sanctions compliance failures, not a hack but a major compliance enforcement action
Not accepted from: United States (separate Binance.US platform), European Economic Area (services suspended 1 July 2026 after failing to secure a MiCA licence; existing accounts limited to closing positions and withdrawing), United Kingdom (new sign-ups closed since October 2023; FCA barred regulated activity in 2021), Netherlands (exited in 2023), Canada (withdrew in 2023), Malaysia (Securities Commission cease-and-desist, 2021), Russia (business sold to CommEX in 2023), Nigeria (naira services disabled since 2024 amid a regulatory dispute), Philippines (SEC moved to block site access in 2024), Iran, North Korea, Syria, Cuba and Crimea/Donetsk/Luhansk
Founded: 2017
Headquarters: No fixed global headquarters; regional entities based in Abu Dhabi (ADGM), Dubai, Japan, and elsewhere
Regulation: VARA (Dubai) (VL/24/04/001 (Virtual Asset Service Provider licence, issued 15 April 2024)) — Binance FZE, ADGM / FSRA (Abu Dhabi) — Nest Exchange Limited (Recognised Investment Exchange, Derivatives, with a Multilateral Trading Facility stipulation), Nest Clearing and Custody Limited (Recognised Clearing House with Custody/CSD stipulation), Nest Trading Limited (dealing, arranging, and asset management permissions), JFSA (Japan) (Registered Crypto-asset Exchange Service Provider, Kanto Local Finance Bureau Director registration No. 00031 (registered 14 October 2022)) — Binance Japan Inc., AUSTRAC (Australia) — Digital Currency Exchange registration (DCE registration 100576141-001 (ABN 98 621 652 579); an AFSL application with ASIC is pending) — InvestbyBit Pty Ltd, trading as Binance Australia, AFSA (Astana International Financial Centre, Kazakhstan) (AFSA-A-LA-2024-0028 (digital asset trading platform, dealing, advising, arranging, money services and custody)) — BN KZ Technologies Limited (Binance Kazakhstan), Central Bank of Bahrain (CBB) (Category 4 crypto-asset licensee under the CBB Rulebook Volume 6 (CRA Module); licence number not published) — Binance Bahrain B.S.C. (c), CNV (Argentina) — PSAV registry (Registered virtual asset service provider No. 76 (11 September 2024); a registration, not a licence or CNV supervision) — Binance Services Latinoamérica S.A. de C.V.

Fiat on/off-ramp
Futures
Staking
Copy trading
Proof of reserves

Pros

Deepest liquidity and largest coin selection of any major exchange
Low base fees, cut further by 25% when paid in BNB
Wide range of earn, staking, and futures products for active traders
Long-running proof-of-reserves publication across dozens of assets

Cons

Exiting the European Economic Area in 2026 after failing to secure a MiCA license, disrupting service for EU users
Not available to US retail customers, who must use the separate Binance.US platform
A history of major regulatory settlements, including a 2023 US resolution involving billions of dollars in penalties
Interface and product range can overwhelm beginners

Security and licensing

Binance operates through a patchwork of regional entities rather than a single global license: Dubai's VARA (Binance FZE, licence VL/24/04/001), Abu Dhabi's ADGM/FSRA (the Nest Exchange, Nest Trading, and Nest Clearing and Custody entities), and Japan's JFSA (Binance Japan Inc., Kanto Local Finance Bureau registration No. 00031) are its clearest regulatory footholds. It does not hold a MiCA license in the European Union, and in 2026 it began telling users in several EU countries that it would stop serving them after missing the bloc's licensing deadline, with talks ongoing in France.

The exchange's regulatory history includes a landmark 2023 settlement with US authorities, in which Binance and founder Changpeng Zhao pleaded guilty to anti-money-laundering and sanctions-related charges and paid billions of dollars in penalties; Zhao stepped down as CEO and was succeeded by Richard Teng. Binance has also faced enforcement action or market exits in the UK, Netherlands, Canada, Nigeria, and the Philippines. Binance publishes a Proof of Reserves page and maintains a SAFU emergency fund, though this fund is an internal reserve rather than third-party deposit insurance.

Trading fees

Standard spot trading fees for regular users are 0.10% for both makers and takers, dropping to 0.075% if fees are paid in BNB (a 25% discount). Fees fall further at higher VIP tiers based on 30-day trading volume or BNB holdings: VIP 1 starts at 0.090%/0.100%, VIP 2 at 0.080%/0.100%, and VIP 3 at 0.040%/0.060%, down to roughly 0.011%/0.023% at the top VIP 9 tier, though those tiers require very large volumes to reach.

Futures trading fees are lower still, starting around 0.02% for makers and 0.05% for takers, with a smaller BNB discount than on spot. Binance does not charge deposit fees for crypto; withdrawal fees vary by network and are set per asset.

Coins and products

Binance lists several hundred cryptocurrencies and well over a thousand trading pairs, giving it one of the widest selections in the industry, spanning major coins, newer altcoins, and its own BNB token. Beyond spot trading, it offers futures and margin trading, options, staking and other Earn products, a launchpad for new tokens, and a Web3 wallet.

This breadth is a major draw for active traders who want exposure to a coin the moment it lists, but it also means the platform carries more listing risk than exchanges that vet assets more conservatively.

Deposits and withdrawals

Crypto deposits are free and generally confirm quickly once the network reaches the required confirmations. Fiat on-ramps vary heavily by country and depend on local banking partners and payment processors, since Binance does not operate as a licensed bank in most regions.

Withdrawal fees are set per network and per asset rather than as a flat percentage, so costs can vary significantly depending on which blockchain is used to move funds off the platform.

Support

Binance offers 24/7 live chat support along with an extensive self-service help center covering account, verification, and trading issues in roughly 40 languages. Email support is also available.

User reviews consistently describe wait times as reasonable for routine account questions but note that disputes involving scams, P2P trades, or frozen funds can take longer to resolve and sometimes leave users unsatisfied with the outcome.

Who is it for

Binance suits active and experienced traders who want the deepest liquidity, the widest coin selection, and the lowest fees available at scale, and who are comfortable navigating a dense, feature-heavy interface. Its futures and Earn products also appeal to traders looking for more than simple buy-and-hold spot exposure.

It is a weaker fit for EU residents given the 2026 MiCA-driven service changes, for US retail traders who need the separate Binance.US product, and for beginners who want the simplest possible interface rather than a full-featured trading platform.

How to open an account — Binance

Before you apply

Verification time: Usually a few minutes to under 24 hours for standard KYC; longer for enhanced verification
Minimum age: 18+
Documents required: Government-issued photo ID (passport or national ID) and a selfie/liveness check; proof of address for higher tiers

Basic verification unlocks limited features; full identity verification is required to trade, deposit fiat, or withdraw at normal limits.

1
Register an account
Sign up with an email address or phone number and set a password.
2
Complete identity verification
Submit a government ID and a selfie for facial verification to unlock trading and withdrawals.
3
Fund your account
Deposit crypto directly, or use a bank transfer, card, or supported local payment method to buy crypto with fiat.
4
Place your first trade
Use the Convert tool for a simple swap, or the Spot/Futures trading screens for order-book trading.
5
Explore extra products
Optionally set up staking, Earn products, or copy trading once your account is funded.

Good to know before you start

Why you have to verify your identity

Every regulated broker and exchange must confirm who you are before you can trade or withdraw. Expect to upload a passport or national ID and a proof of address under three months old (utility bill or bank statement). Most platforms approve documents within a few hours; a mismatch between your ID and the name on your payment method is the most common reason for delays.

How funding your account works

Deposits by card or e-wallet usually land within minutes; bank wires take one to three business days and may carry a fee from your bank. Withdrawals go back to the method you deposited with, which is an anti-money-laundering rule rather than a platform choice. Start with the minimum, confirm a small withdrawal works, then scale up.

What to expect on your first trade

Open a demo account first if the platform offers one, then place a small live trade on a liquid market such as EUR/USD or BTC/USD. Check the spread, the commission and the swap before you confirm. Set a stop-loss on every position — losing a small amount quickly is the cheapest lesson in trading.

Fees and spreads — Binance

Spot fee tiers

Tier	30-day volume	Maker	Taker
VIP 0 (Regular)	< $1M 30-day / 0 BNB	0.10%	0.10%
VIP 1	≥ $1M 30-day or ≥ 5 BNB	0.09%	0.10%
VIP 2	≥ $5M 30-day or ≥ 25 BNB	0.08%	0.10%
VIP 3	≥ $20M 30-day or ≥ 100 BNB	0.04%	0.06%
VIP 9	≥ $4B 30-day or ≥ 5,500 BNB	0.011%	0.023%

Deposit & withdrawal fees

Method	Deposit fee	Withdrawal fee	Processing time
Crypto deposit	Free	—	After the required network confirmations
Crypto withdrawal (on-chain)	—	Fixed per-asset, per-network fee set by Binance and adjusted with network conditions	Typically minutes, subject to network congestion and risk review
Bank transfer (local rails, where offered)	—	—	—
Card (Visa / Mastercard)	—	—	—

Trust & reputation

Regulator warnings or enforcement actions on record

Regulator warnings

UK Financial Conduct Authority (2021) — The FCA ordered Binance Markets Limited to stop all regulated activity in the UK; the entity's permissions were cancelled in May 2023 and no Binance Group company holds UK authorisation. source
Nigeria Securities and Exchange Commission (2023) — The SEC stated that Binance Nigeria Limited is neither registered nor regulated by the Commission and that its operations in Nigeria are illegal. source
Philippines Securities and Exchange Commission (2023) — The SEC warned the public against investing through Binance for operating without the required licences, ahead of blocking site access in 2024. source

Enforcement actions

US Department of Justice / FinCEN / OFAC (2023) — Binance and founder Changpeng Zhao pleaded guilty to anti-money-laundering and sanctions violations, paying over $4.3 billion in combined penalties. source
US Commodity Futures Trading Commission (2023) — Binance was ordered to pay $1.35 billion in disgorgement and a $1.35 billion penalty, and Zhao a $150 million penalty, for offering unregistered derivatives to US persons and wilful non-compliance. source
US Securities and Exchange Commission (2023) — The SEC sued Binance and Zhao in June 2023 for operating unregistered exchanges and misleading investors; the case was dismissed with prejudice on 29 May 2025. source
De Nederlandsche Bank (Netherlands) (2022) — The Dutch central bank fined Binance Holdings Ltd. €3.325 million for offering crypto services without the required registration; Binance exited the Dutch market in 2023. source
Nigeria SEC / federal authorities (2024) — Nigerian authorities detained two Binance executives and pursued tax and currency-manipulation cases; Binance disabled naira services and litigation, including an $81.5 billion damages claim, was ongoing in 2026. source
Philippines SEC (2024) — The Philippine SEC asked the National Telecommunications Commission to block public access to Binance's website over unlicensed operations. source
FINTRAC (Canada) (2024) — FINTRAC imposed a C$6,002,000 penalty on Binance Holdings Limited for failing to register as a foreign money services business and failing to report 5,902 large virtual-currency transactions; Binance appealed. source

What clients complain about

Public reviews and complaint boards recur on a handful of themes: frozen or delayed withdrawals during account security reviews, disputes tied to P2P trading counterparties, and frustration with automated or slow escalation paths for larger disputes. A separate cluster of complaints comes from EU and Nigerian users affected by the platform's 2024–2026 market exits and service disruptions in those regions.

Country availability

Accepts clients from

Australia
United Arab Emirates
Türkiye
India
Indonesia
Thailand
Kazakhstan
Saudi Arabia
Egypt
South Africa
Kenya
Pakistan
Vietnam
Brazil
Mexico
Argentina
Colombia

Not available in

United States
United Kingdom
Germany
France
Spain
Italy
Netherlands
Poland
Canada
Iran
Nigeria
Philippines
Russia
Malaysia

Based on the platform’s published terms and regional entities. Availability changes — confirm on the official site before opening an account.

About the company

Parent company: Binance Holdings Ltd.
Founded: 2017
Headquarters: No fixed global headquarters; regional entities based in Abu Dhabi (ADGM), Dubai, Japan, and elsewhere
Countries served: 180+ countries and regions (outside the US and, as of mid-2026, the EU)
Clients: 323 million registered users (reported July 2026)

Contact & support

Email: support@binance.com
Support hours: 24/7
Live chat: Yes
Languages: English plus around 40 other languages

Follow

Awards & recognition

Cryptocurrency Exchange of the Year
2025 · Crypto Expo Europe

Frequently asked questions

Is Binance regulated?

Binance holds licenses or registrations in a number of jurisdictions, including Dubai (VARA), Abu Dhabi (ADGM/FSRA), and Japan (JFSA), but it does not hold a MiCA license in the European Union and has been withdrawing services from EU users in 2026 as a result.

Can US residents use Binance?

No. US residents must use the separate Binance.US platform, which has a smaller coin selection and different fee structure than the global Binance.com platform.

What are Binance's trading fees?

Standard spot fees are 0.10% maker and taker, reduced to 0.075% when paid in BNB. Futures fees start lower, around 0.02% maker and 0.05% taker.

Is my money safe on Binance?

Binance publishes proof-of-reserves data and maintains a SAFU fund to cover certain platform-side losses, but this is an internal reserve, not government-backed deposit insurance, so funds still carry exchange counterparty risk.

Does Binance offer futures trading?

Yes, Binance offers futures and margin trading alongside spot markets, subject to eligibility and local restrictions.

What happened with Binance and US regulators?

In November 2023, Binance and its founder Changpeng Zhao pleaded guilty to US anti-money-laundering and sanctions violations, paying billions of dollars in penalties; Zhao stepped down as CEO in favor of Richard Teng.

Why is Binance leaving the EU?

Binance did not secure the required MiCA license ahead of the EU's 2026 compliance deadline and began notifying users in several member states that services would be restricted, while continuing licensing discussions in some countries.

Sources

Ready to try Binance?